Bitcoin recently experienced a dramatic dip in price – one might not even call it a dip, but rather a dramatic plunge. This plunge led to the crypt industry experiencing a very difficult year, one that not many are confident the industry can bounce back from. Others, however, believe that this plunge was just what Bitcoin needed to experience a much-needed boost.
Nobody knows for sure what the future buying Bitcoin with cash will hold or how the industry will overcome this unfortunate hardship. The Bitcoin experts of the world have their theories, though. Of course, these are all just predictions, but here is what the experts are saying about Bitcoin – and whether or not it will make a comeback or continue to drop in value.
One Expert’s Take: A Year of Building
One Bitcoin expert says that the main reason that Bitcoin has been experiencing so many ups and downs in 2019 is because this is the “year of building”. According to a leader of Digibyte named Jared Tate, “Regarding Bitcoin’s price, I think we are at the bottom here. There are too many big players getting involved and too little BTC available for large purchases without pushing the price up. 2019 is definitely a building year to support the next big wave.”
One Expert’s Take: Harder Times Still to Come
No matter how hard Tate tries to convince the world that Bitcoin is merely seeing hard times in order to rebuild and come back strong, some experts disagree. One expert in particular named Alon Rajic seems to think this will be the case. “Currently, the BTC price is slowly dwindling down because, simply put, nothing at all has taken place over the last 12 months to change its overall negative sentiment,” says Rajic.
Rajic also claims that “the reason it is not crashing down harder is because investors and speculators, who are already holding significant amounts, are artificially keeping it alive.” All in all, this expert believes that Bitcoin will not make a major comeback like other industry leaders seem to think it will.
One Expert’s Take: Nothing Much Will Happen with Bitcoin
Tate, the expert mentioned above, believes that Bitcoin is ready for an outstanding comeback. Rajic, on the other hand, believes that the cryptocurrency will continue to fall and eventually become obsolete. There is one expert named Preston Byrne who falls somewhere in the middle of these opinions. Byrne believes that by the end of 2019, Bitcoin will return to the glory that it had a few years ago.
He does not, however, believe that the currency will make moves beyond that. “The one-year view for Bitcoin remains bearish. Scaling technologies like Lightning are still very early, ecosystem players are still top-heavy after the 2018 boom, and the bulk of regulatory enforcement action — most of it in the US — lies ahead of the ecosystem rather than behind it.” Byrne strongly believes that Bitcoin will one day see a huge boost once again, but that day will be much further down the road.